Business & Tech
MECU Celebrates Success in 2018 by Sharing $1.4M with Members
MECU has returned nearly $100 million to its members since it began paying special dividends
MECU, Baltimore’s Credit Union, today announced it has returned $1.4 million back to its members through its popular Bonus Rewards program. This annual Bonus Rewards payout marks the 38th consecutive year that MECU has shared its profits with its members. Since beginning the program, MECU has returned nearly $100 million in the form of cash payouts to its members.
MECU’s Bonus Rewards payouts are made each year to members based on the credit union’s annual net income. As a result of MECU’s strong financial performance in 2018, this year’s payout was made on Thursday, February 28.
“We are pleased to continue MECU’s long tradition of sharing our success with our member-owners and the Baltimore community,” said John Hamilton, MECU President and CEO. “The member bonus is one of the many ways that we like to show our appreciation to our members for their continued loyalty and support of the credit union.”
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As a not-for-profit credit union, MECU gives back to its members by providing better rates, lower fees, and its popular Bonus Rewards payout. A unique benefit of MECU membership, Bonus Rewards are determined based on a member’s interest earned on qualifying savings accounts and interest paid on applicable loans.
Each year, the Board of Directors determines the total Bonus Rewards payout based on MECU’s overall financial performance. For more information about the member bonus and how it is calculated, visit https://www.mecu.com/bonus.
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About MECU
Established in 1936, MECU is Baltimore City’s largest credit union, with assets of approximately $1.2 billion. MECU has nine branches throughout the Baltimore area and offers a full range of financial products and services. The credit union also provides access to over 30,000 free ATMs and 5,000 shared branches nationwide through the CO-OP network. MECU has distinguished itself in the Baltimore community by returning nearly $100 million in profits to its members as part of a cash bonus program that rewards members for choosing MECU. Membership with MECU is open to anyone who lives, works, worships or attends school in Baltimore City. Learn more at www.mecu.com.
